Barraem Account

Bank of Palestine launched a children’s program with the view of securing their future which is one of the highest priorities of the Bank. The program involves monthly contributions from the parents or guardians of children.

Children aged one day to 17 years can benefit from the program represented by their parents or guardians. The program aims to promote the saving culture among customers and help them save a portion of their monthly revenue in order to secure the future of their children. The Bank of Palestine provides an annual return based on the account and duration of the savings.

Features and Terms of the Program

Children aged 1 day to 17 years can benefit from the program.

The program is based on providing an annual return.

The annual return on the savings for the program are distributed according to the following table:

Duration in Years

1

2

3

4

5

6

7

8

9

10

Return

1%

3%

5%

6%

9%

16%

19%

23%

26%

30%

Monthly deposits must be between USD 10 and USD 500.

The first down-payment can be up to USD 10,000 subject to the annual return rate according to the duration of the savings.

Customers can withdraw from the program before the lapse of one year on condition that they forfeit the value of the annual return. If customers wish to withdraw after the lapse of one-and-a-half year for instance, they can do so but and receive an annual return for one year on the last balance.

Customers can reduce the value of monthly deposits agreed upon for one year. On the other hand, customers who wish to raise monthly deposits are allowed to do so only after the lapse of one year and after receiving the annual return, with the possibility of rejoining the program with the monthly deposit they wish to pay.

Customers enjoy a three-month grace period (i.e. non-transference of monthly deposits). If the grace period has been overdue, customers will be moved to the ordinary savings program.

If savers prefer to resume the transfer of deposits during the grace period, they will be required to pay late premiums in one installment.

If the parent of the child died, the Bank will be responsible for the payment of the value of the monthly deposits or the value of the amount agreed upon for ten years.